“The effort to impose an unprecedented wealth tax is not only misguided but creates a dangerous precedent that will cause more problems than it would ever solve. The risky nature of taxing unrealized gains on shares held by founders of Silicon Valley simply to obtain a one-time infusion of tax revenue that ignores the state’s systemic budget problems. One recent analysis found the exodus of wealthy Californians, along with the resulting trickle-down of those decisions to leave, could shrink government tax revenues by as much as $4.5 billion.”
